Bitcoin recovered above $80,000 after its October 15 decline as buyers replenished bids, though support liquidity remains below its previous peak. U.S. spot Bitcoin ETFs recorded $653 million
Bitcoin found buyers near $80,000 after its October 15 decline, with bids replenishing within days, according to Glassnode. The recovery faces resistance between $85,000 and $87,500, where older holders’ cost bases, sell orders and leveraged liquidation clusters overlap. Meanwhile, U.S. spot Bitcoin ETFs recorded $653 million in inflows on October 19, despite relatively low trading volume.
Glassnode reported that Bitcoin briefly fell to an hourly close of $80,100 on October 15, below the U.S. spot ETF cost basis. The next hourly close moved back above that level. Treasury companies tracked by Glassnode hold Bitcoin at an estimated average cost of $80,200.
The exchange order book also showed substantial bids around $80,000. Although the October 15 decline consumed much of that liquidity, buyers replenished the bids by October 20. However, the bids remained smaller than their previous peak.
ETF inflows returned after a week of net outflows, reaching $653 million on October 19. Nevertheless, trading volume remained below a typical daily level from the past year. Glassnode also found that realized profit-taking had slowed to roughly half its pace during September’s market peak.
Glassnode identified resistance between $86,500 and $87,500, where substantial sell orders meet liquidation clusters. Bitcoin holders who bought six to 12 months ago have an average cost basis near $86,700. A daily close above that level would return this group to profit on average.
Meanwhile, liquidation clusters near $85,000 and $87,000 could accelerate price movements as leveraged positions close. However, the remaining sell orders could limit upward progress.
Investors are also watching the Federal Reserve’s October 28 rate decision and MSCI’s November 11 index-removal announcement. Strategy could face removal under MSCI’s proposed classification rules for non-operating companies. Any removal would force index-tracking funds to sell its shares.
Separately, altcoin leverage has cooled, with fewer than 5% of tracked altcoins showing elevated funding rates. However, open positions remain only about 5% below October’s peak, leaving substantial leveraged exposure in the market.
